NUPRC Says Reforms Unlock Over $10bn in Upstream Oil and Gas Investment

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says ongoing regulatory and policy reforms have unlocked more than $10 billion in investment across the country’s upstream oil and gas sector.

The Chief Executive of the Commission, Oritsemeyiwa Eyesan, disclosed this on Thursday in Abuja at the Society of Petroleum Engineers Nigeria Council’s Oloibiri Lecture Series and Energy Forum 2026.

Eyesan said the Commission had gazetted 19 regulations, with five more currently in progress, covering critical segments of the upstream petroleum industry. 

According to her, the regulations—developed in collaboration with operators, service providers and investors—have replaced discretionary processes with clearer guidelines, reduced regulatory ambiguity and introduced defined timelines for approvals.

She explained that the reforms have already begun yielding results across major projects, including the Bonga North, Ubeta and HI developments.

Eyesan noted that the Bonga North deepwater project progressed significantly due to improved fiscal clarity and faster regulatory approvals under the Petroleum Industry Act and supporting executive orders.

“The predictable regulatory environment reduced investment risks and supported partners to take a multi-billion-dollar Final Investment Decision,” she said.

On the Ubeta gas project, she said reforms had facilitated fiscal incentives, streamlined licensing procedures and more transparent approval processes, helping to address long-standing bottlenecks and accelerate delivery in line with Nigeria’s gas development targets.

She added that the HI development project was driven by a new asset stewardship framework and performance-based work programmes designed to improve reservoir management and enhance recovery techniques for greater value creation.

“Collectively, these projects represent over $10 billion in new upstream investment and highlight the importance of clear policy and firm regulation,” she said.

Eyesan also highlighted the growing role of digitalisation in regulation, noting that the Commission has adopted a digital-first approach to approvals, reporting and compliance.

She said integrated digital platforms are improving speed, transparency, accountability and real-time operational visibility for industry stakeholders, while emerging technologies such as digital twins, predictive maintenance and advanced analytics are enhancing efficiency and asset performance.

According to her, the Commission is also developing regulations that promote data integrity, interoperability and standardisation across the sector.

“Such measures are essential to fostering innovation, strengthening investor confidence and sustaining competitiveness,” she added.